UK house prices are the highest since 2007.
Halifax says median property prices rose 1.7%, or £ 4,425, to £ 267,587 in September.
House prices had the most substantial monthly increase in 14 years in September, pushing the average cost of a home to an all-time high and reversing a three-month drop in annual growth.
Halifax, one of the nation’s largest mortgage lenders, said last month that the median cost rose 1.7%, or £ 4,425, to £ 267,587. The previous peak was £ 263,162 recorded in August.
“Median home prices are now higher than ever,” said Russell Galley, Halifax managing director.
The annual rate of house price inflation rose to 7.4% from 7.2% in August, reversing a downward trend since it peaked at 9.6% in May. Prices had raised more than £ 18,000 since last September and about £ 28,000 more than last June when the housing market reopened after the first Covid lockdown.
“The factors that have caused this increase are still unknown.”
Galley said that several factors were affecting the growth in house prices, as most of the mortgages agreed in September would not have been completed before the government ended the stamp tax holiday in England.
“The ‘race for space’ when people changed their preferences and lifestyle choices certainly had a huge impact,” Galley said. “Looking at price changes over the past year, apartment prices increased just 6.1%, compared to 8.9% for townhouses and 8.8% for detached homes.”
Wales continues to experience the most substantial house price inflation of any country or region in the UK, rising 11.5% in September to an average of £ 194,286. Scotland remains ahead of the national average at 8.3%, with an average house price of £ 188,525, while the Northern Ireland market rose 9.3% to £ 166,299.
The South West remains the hotspot in England, growing 9.7% in September to an average of £ 276,226. The trend towards more rural living in a more flexible and remote work environment continues.
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